Blockchain startup SETL completes corporate restructuring programme

Troubled blockchain startup SETL has completed its corporate restructuring programme, the company said in a press release dated May 03.

Founded in 2015, SETL is an institutional payment and settlement infrastructure provider which uses blockchain technology. It raised $39 million till date and is backed by Citi, Deloitte, Computershare and Credit Agricole, among others.

However, in a turn of events, the company filed for insolvency with the UK authorities in March this year. It said at the time that it was seeking to sell off its subsidiary ID2S, the regulated central securities depository (CSD), to a larger financial services firm as part of a larger corporate reorganization of the company.

The previous entity, SETL Development Ltd (in administration), also appointed Quantuma LLP as its administrators, which was tasked with two key objectives – to act as a neutral party representing the interests of all its creditors and stakeholders, and to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities.

“I am delighted to report that both objectives have been achieved and well within the target timeframe,” Sir David Walker, Chairman of the newly-formed entity, SETL Ltd, said.

According to the press release, the newly-formed SETL Ltd, has acquired the operating assets, the staff and IP rights of the previous entity that is being wound down. It has reached agreement with all its major clients to continue its support and development activities.

The new company has also restructured its balance sheet and simplified its business-model. Led by CEO Philippe Morel, it will now offer blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers and will continue to support infrastructures powered by SETL blockchain.

SETL Ltd has also restructured its cost-base and refocused its operations in London and the Ipswich development centre.

“We wanted to act quickly, decisively and to reorganise with the best guidance and support possible. Our administrators, board members, management and teams have all pulled together to get us in the best possible shape as quickly as possible,” Morel said.